Golden Minerals Co

ITEMS 1 AND 2: BUSINESS AND PROPERTIES Overview We are an exploration company holding majority control in the Desierto and Sarita Este concessions, adjoining gold-silver-copper exploration projects located in northwest Salta Province Argentina (the “Sarita Este/Desierto project”); a 60% interest in Sand Canyon, an exploration stage, gold-silver project in northwestern Nevada; and other immaterial mineral exploration properties located primarily in or near historical precious metals producing regions in Argentina and Mexico. We are primarily focused on advancing exploration activities at the Sarita Este/Desierto project and the Sand Canyon project, as further described below under…

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ITEM 1A: RISK FACTORS Investors in Golden Minerals should consider carefully, in addition to the other information contained in, or incorporated by reference into this Form 10-K, the following risk factors: Risk Factors related to our Financial Circumstances There is substantial doubt about whether we can continue as a going concern. At March 31, 2026, our aggregate cash and cash equivalents totaled approximately $0.9 million. In the absence of additional cash inflows from the sales of certain dormant subsidiary tax losses, equity financing or other external funding or asset sales, the Company’s cash balance is expected to be depleted during the second quarter of 2026. Therefore, our…

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